Sidley acted as international counsel to lead managers Axis Capital Limited, BNP Paribas, BofA Securities India Limited, and J.P. Morgan India Private Limited in connection with the approximately INR25 billion (approximately US$305 million) rights issue of equity shares of PNB Housing Finance Limited (PNBHFL) pursuant to Section 4(a) and Regulation S of the U.S. Securities Act of 1933.
PNBHFL is the fourth-largest housing finance company (HFC) in India in terms of assets under management and the third-largest HFC in terms of deposits, as of March 31, 2022. The company has been operating in the Indian housing finance industry for over three decades through a pan-India network. PNBHFL’s promoter is Punjab National Bank, a nationalized bank and financial institution providing a range of banking and financial services in India.
The Sidley team was led by partner Manoj Bhargava and comprised counsel Shashwat Tewary, managing associate Harekrishna Ashar, and associate Jayant Bhardwaj with support from partners Daniel O’Shea, Nicholas R. Brown, and Carla G. Teodoro, managing associates Alvin Wang and Christian D. Molander-Barraza, and associate John Jee.
Sidley is one of the most experienced international law firms executing capital markets transactions in India and other Asian markets. The India Business Law Journal has ranked Sidley a “Top Foreign Law Firm” for India work for five consecutive years. Sidley was also ranked the leading legal adviser globally for India equity offerings in 2022 for manager counsel and by overall deal count in Bloomberg Global Legal Adviser League Tables FY 2022, and was credited for advising on 12 India equity offerings in 2022 — more than any other law firm.